New Zealand Property News

 

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Latest Property News: June 2017 –  New Zealand Property and Real Estate News

 

Please see below the LINKS we have added as NEWS in May 2017. Simply scroll down to see the LINKS as we have loaded them through the month OR to quickly find your search term on this page, press Ctrl+F or ⌘-F (Mac) and use the find bar

 

Houses could one day sit on the site of the Petone Mitre 10.

Hutt City Council planners are looking at the future of a block of land that includes Petone Mitre 10, Fairfax’s printing press and Imperial Tobacco, tentatively called the North Park Village

City fathers have grappled with how to boost its population since the 1980s when major employers such as Ford and Gear Meat closed.

NICHOLAS BOYACK

The council has its eye on Petone Mitre 10 as a potential site for housing.

 

 

The latest QV costbuilder data shows the average cost of building a new home in New Zealand’s four largest cities has risen on average by 3.5% in the year to May 2017 and a total of 25.5% since the previous peak of 2007. QVcostbuilder is an arm of …

Truckies, greenies and Nimbys get the chance to have a say on a major road through Auckland’s industrial belt when a board of inquiry starts tomorrow.

The east-west link, a new four-lane road connecting State Highway 1 at Sylvia Park to State Highway 16 at Onehunga, is costed at between $1.25 billion and $1.85b.

Suburban shopping malls aren’t dead but it’s not hard to kill them off, retail experts say.

Fears of ghost malls has been raised again with news that two more tenants, McDonald’s and OPSM, are joining the string of tenants to leave Wellington’s Johnsonville Mall.

Other malls around the Wellington region are also experiencing fluctuating fortunes, ranging from being a little tired to severe decline, in the case of Wainuiomata mall.

MAARTEN HOLL/FAIRFAX NZ

Chris Wilkinson: ”When they talk about these malls closing in the States, this is exactly what we’re talking about here”

 

NZ has the best apartment building fire regulations in the world, but experts say they aren’t being followed.

With house prices finally plateauing and dropping in some areas, research company Canstar has outlined what would-be first home buyers should consider before putting a foot on the elusive property ladder.

The retail and business finance research company is urging first home buyers to make sure they are properly prepared before they try to enter the market.

With house prices finally plateauing and dropping in some areas, research company Canstar has outlined what would-be first home buyers should be aware of. Photo / 123RF

 

Kiwi actress Sophie Hambleton lives in a bright, tranquil home in Morningside, Auckland which she shares with a good friend and a small child.

You may know her as the hilarious hairdresser Carol from Outrageous Fortune‘s hit prequel, Westside.

Her worldly possessions are on the minimal side but what she doesn’t physically own, she makes up for in good times.

LAWRENCE SMITH/FAIRFAX NZ

Wine and ‘pillow kingdom’ go together for after work relaxation for this busy actress.

 

Aorangi House in Molesworth St.

A 46-year-old building in Wellington has a better energy rating than the average NZ office.

New figures reveal scale of slump in the property market.

House sales in Auckland have slumped by almost 30 per cent over the past year as tighter lending conditions take their toll on both first-home hunters and cash-starved investors.

The latest round of loan-to-value ratio (LVR) restrictions from the Reserve Bank are affecting investors, but banks have also tightened lending criteria – making it harder for all borrowers to get finance.

The Reserve Bank said its loan-to-value ratio restrictions are helping to cool the Auckland housing market. Photo / Michael Craig

Reading Cinema and surrounding buildings on Courtenay Place were closed for four months following the November quake.

Multimillion-dollar quake payout allows Wellington cinema to rebuild on demolished car park land.

You may be surprised to hear that house prices are still rising across New Zealand.

According to the Real Estate Institute – a member organisation for real estate agents – national median house prices increased 6.7 per cent to $540,000 in the year to May 2017. Seasonally adjusted, this increase is 6.2 per cent.

The institute’s CEO, Bindi Norwell, says: “May’s housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region.”

According to the Real Estate Institute, national median house prices increased 6.7 per cent to $540,000 in the year to May 2017. Photo / 123RF

Aucklanders expect their homes will sell fast. Often this is the case. But the market has slowed over the past few months and some properties do sit unsold for longer than their owners might like.

Auction clearance rates in May were 36 per cent for Barfoot & Thompson and 37 per cent for Bayleys, which means some houses aren’t selling. A proportion, of course, will sell by negotiation post auction.

Some properties do sit unsold for longer than their owners might like. Photo / Supplied

 

Fri, 23 Jun 2017 08:56:50 +1200 | Canstar

With reports of house prices plateauing in some areas, including Auckland, could the moment first home buyers have been waiting for arrived? More >>

Labour leader Andrew Little says Auckland building costs are rising at 17 per cent annually but Quotable Value has this morning released information showing house-building costs rising at 3.5 per cent annually.

In April, Little used Statistics NZ material to show how Auckland building costs rose 17 per cent in the past year compared with only 7 per cent nationally.

 

The future of the Johnsonville Shopping Centre is looking more uncertain than ever with the exit of two major retailers.

Optometrist chain OPSM this week vacated the increasingly empty mall in the northern Wellington suburb, and McDonald’s has confirmed it will  close in less than three months.

MIKE BLAKE/REUTERS

McDonald’s NZ has confirmed it will leave the Johnsonville Shopping Centre in September. (File photo)

 

Q: We’re planning to put our house on the market in spring. Is it best to use one agency to sell the property, or will we get a better result with multiple agency representation?

A: “Many hands make light work”. “The more the merrier”. “Two heads are better than one”. There are many old adages that support the idea of using more than one real estate agent or agency to market and sell a property.

It has become less common to see properties festooned with a variety of “for sale” signs, but whether you choose to work with one agency or several is all a matter of personal choice. Either way, there are a few important things to bear in mind.

Both options require the signing of a legal contract between you and the agency involved.

READ MORE:
Kevin Lampen-Smith: What you need to know about agents
Kevin Lampen-Smith: What you need to know before bidding at auction
Kevin Lampen-Smith: Don’t rely only on supplied building reports

123RF

In theory, listing with more agents means the property will be seen by a larger number of potential buyers.

 

Watchful caution is guiding the Reserve Bank’s policy so it will need strong evidence before it makes any change to the OCR, economists say in response to this morning’s OCR call.

Life is busy and it’s easy to miss some of the stories that hit the news. So here’s a brief rundown of some of the stories that might have slipped by you this week…

Annual net migration just hit a new record high – which means there’s no let-up in sight for the population growth driving the housing market.

 

Thu, 22 Jun 2017 14:38:23 +1200 | Rangi Ruru Girls’ School

One of the most beautiful wooden chapels in the country is now in the ownership of Rangi Ruru Girls’ School. More >>

Thu, 22 Jun 2017 14:29:25 +1200 | First National

First National Real Estate Chief Executive, Bob Brereton, says an Americas Cup win would lead to a massive and sustained period of development on the Auckland waterfront and believes that the city would move quickly to gear up accommodation and infrastructure. …More >>

Reserve Bank’s outlook helpful, says real estate boss

“News that the Official Cash Rate could be held at 1.75% for some time is good news for home owners, as are the Reserve Bank’s latest comments about the housing market,” says Geoff Barnett, National Manager of Century 21 New Zealand.

 

 

 

 

Three properties linked to the embattled Masala restaurant group have been sold for a combined $7.88 million.

The properties were among 34 sites with links to Auckland’s Masala Indian restaurant chain that were frozen by police during an investigation for alleged tax evasion and immigration-related offending.

A property in Stanmore Bay was one of three linked to Masala which sold at auction today. Photo / Supplied

Reserve Bank governor Graeme Wheeler kept the official cash rate at 1.75 per cent and will look through a recent pick-up in inflation which is seen as being a temporary spike in the tradables sector while complaining about the currency’s strength over the past month. The kiwi gained.

“The increase in headline inflation in the March quarter was mainly due to higher tradables inflation, particularly petrol and food prices,” Wheeler said in a statement. “These effects are temporary and may lead to some variability in headline inflation.”

Reserve Bank Governor Graeme Wheeler. Photo / Mark Mitchell

West Auckland mother-of-two Amy Connolly’s $20-per-week rent increase last month has sparked a search for a new place to live.

She works full-time as a client administrator and pays $530 a week for a three-bedroom house. “I simply cannot afford it anymore. I would not be able to pay my rent if it was to go up any more.”

She said it was tough to find another place because many houses were let before they were even advertised.

123RF

Tenants competing for properties are dealing with bigger increases in some parts of the country than in others.

 

Wed, 21 Jun 2017 10:46:20 +1200 | REINZ

The Real Estate Institute of New Zealand (REINZ) is delighted to announce that Ned Allison from Harcourts Grenadier in Christchurch is the winner of the 2017 REINZ National Real Estate Auctioneering Championships. Mark McGoldrick from Harcourts …

Wed, 21 Jun 2017 10:23:31 +1200 | Trade Me Property

Tenants in Christchurch have something to smile about, with rents in the Garden City falling again in May, according to the latest Trade Me Property Rental Index.More >>

David Jones took over Kirkcaldie & Stain's historic store on Lambton Quay in July last year.

After opening in Wellington, the popular Aussie department store is rumoured to be heading north.

More than 2800 residential units could be built along Ladies Mile, near Queenstown, an indicative master plan for the area shows.

The council’s plan covers an area of 136ha on either side of State Highway 6 and includes the under-construction Queenstown Country Club (QCC) – the only Special Housing Area (SHA) approved on the Ladies Mile to date. It will be considered by the council at its meeting this Friday.

More than 2800 residential units could be built along Ladies Mile, near Queenstown.

A dingy, half-painted caravan with masking tape holding the windows together is being advertised for rent on TradeMe as a “fully-furnished one-bedroom unit”.

It will cost the tenant $125 per week to live in the caravan, which sits in an overgrown property on Bollard Ave in New Windsor, Auckland.

Renting this caravan will cost you $125 a week in Auckland. Photo/Trade Me

A new commercial development on Wellington’s waterfront looks set to cause controversy before construction even begins.

Wellington City Council’s Site 9, alongside Customhouse Quay, has been earmarked by developer Willis Bond & Co for a new five-storey block – but it is being opposed by Waterfront Watch, and is expected to end up in the Environment Court.

KEVIN STENT/ FAIRFAX NZ

Site 9 is behind the orange digger.

 

 

Homeowners with mortgages are being warned a credit rating downgrade for the big four banks could be bad news for their repayments.

Credit rating agency Moody’s has downgraded a dozen Australian banks, including the big four, citing increased risks in the nation’s increasingly indebted households.

The big four Australian banks, which operate BNZ, ANZ, Westpac and ASB in New Zealand, have had their ratings downgraded by Moody’s.

 

 

Kiwi Property is advancing its $200 million-plus Sylvia Park expansion, revealing details in an NZX presentation this morning with at least one big new department store and 1500 extra car parks to cope with demand.

But which department stores is unspecified. Kiwi is only saying it will have “at least one” and that it will be upstairs as part of a vast 2-hectare floor space expansion.

The Sylvia Park aerial view shows changes at the Auckland centre.

A $29 million development featuring 27 luxury inner city apartments is expected to provide a further boost to Tauranga’s CBD.

The new six-storey Latitude Residences apartment complex in Park St is the latest in a series of apartment buildings underway in the city centre which will create almost 100 new apartments.

An impression of the six-storey Latitude Residences apartment complex on Park St. Photo/Supplied

A Hamilton house that has been renovated after being decontaminated of methamphetamine now has a hefty price tag.

The Pukete home at 1 Titoki Place is back on the market, having sold at auction on March 29, 2017.

New owners Steve and Vicki Hardwick brought the three-bedroom, one-bathroom house with a double garage for $410,000 at a Lodge Real Estate auction with the intention of quickly doing it up and selling it on.

TOM LEE/FAIRFAX NZ

This Pukete house, at 1 Titoki Place, is back on the market 65 days after being sold.

 

 

A zone change that paves the way for a new Countdown supermarket in Richmond, near Nelson, has been called “unbelievably stupid” by a neighbouring resident.

The private plan change request from Progressive Enterprises to rezone 1.32 hectares of residential land on the corner of Champion and Salisbury roads was “approved with modifications” by the Tasman District Council.

In a public notice published on Saturday, the council says the rezoning would not take place until after any possible appeals were resolved.

The proposed new Countdown would be built on land previously owned by Waimea Richmond Funeral Services, and is opposite a new Caltex petrol station currently being built.

READ MORE:
Experts clash over economic effects for Stoke of proposed Richmond Countdown
Traffic concerns drive opposition to Richmond Countdown
Job count up with Countdown plan
Councillors oppose plans for new supermarket

VIRGINIA WOOLF/FAIRFAX NZ

The Richmond site for a proposed Countdown supermarket on the corner of Salisbury and Champion Roads.

 

One Hawke’s Bay investor’s road to success took him on a challenging journey but now he’s sitting pretty and is sharing the investing rules that got him there.

Embracing innovation and new technology are key to building the more affordable, healthier dwellings needed to address New Zealand’s housing woes.

Housing affordability, or the lack of it, has been a topic dissected ad nauseam in Australia and New Zealand, so it may come as some surprise that other world cities are looking here to curb their own woes.

As hard as it might be to believe for Aussies and Kiwis looking to get a foot on the property ladder to believe, one city in particular has sought inspiration from Australian housing policy and seen an almost 20 per cent drop in house prices.

Vancouver downtown city in British Columbia. Photo / 123rf

 

Taxpayers have spent more than $350,000 on upgrades to a rental property for New Zealand’s ambassador to Ethiopia and the African Union in Addis Ababa.

A further $695,000 was spent over three years on the operating cost of renting and running the Official Residence of Ambassador Bruce Shepherd, which include utilities, taxes, maintenance and security.

GOOGLE EARTH

A Google Earth view of the Hilton Hotel in Addis Ababa where the NZ Embassy to Ethiopia is located in a commercial apartment.

 

Embracing innovation and new technology are key to building the more affordable, healthier dwellings needed to address New Zealand’s housing woes.

A multimillion-dollar villa built for one of Wellington’s most famous families is back on the market.

The Tranby homestead, built in 1904 for Herbert Kirkcaldie – son of Kirkcaldie & Stains department store co-founder John Kirkcaldie – has a rateable value of $2.1m and is for sale by tender.

The stately five-bedroom, four-bathroom home in Khandallah also features a spa pool and a triple garage, replete with studio loft and bathroom.

LOWE & CO

The home in Khandallah’s dress circle sits in the middle of a 1202 square metre private garden.

 

The Home Ideas building on Petone Esplanade was once owned by Terry Serepisos' company.

Three high-profile office blocks – a rare sale offer in the Hutt.

James Walshe outside The Settlement, which he believes will help meet Wellington's shortage of office space.

Co-working in Petone is about to take off.

Fri, 16 Jun 2017 14:53:00 +1200 | Chris Barfoot

How to Solve the Housing Crisis – a Less than Honest Process Chris Barfoot QSM, a former director of Barfoot and Thompson, is today strongly speaking out against Government plans to pass a law that removes consultation and silences community objection …More >>

 

Embracing innovation and new technology are key to building the more affordable, healthier dwellings needed to address New Zealand’s housing woes.

The Reserve Bank has a persuasive case for being given the power to impose debt-to-income (DTI) curbs on residential mortgage lending.

It is certainly more compelling than the stock arguments raised against such a move: that it is too hard on would-be first-home buyers and is regulatory over-reach – nanny state stuff.

 

More and more Kiwis are choosing apartment over houses. In this High Life series, Homed explores what that means for the way we live.

Construction of new apartments is picking up pace but still lagging behind what is required to house a growing population, particularly in Auckland.

Some 2770 apartments are set to be completed in Auckland in 2017 – the largest number since the 2005 peak, when 3600 apartments were finished.

Even more apartments will become available next year, when a record 3840 are due to be completed.

READ MORE:
* The High Life: Two homes, one happy marriage
The High Life: Apartment lending ‘a minefield’
The High Life: 12 things you need to know about buying off plan

Derek Flynn

In Australian cities like Sydney, high-rise living is common.

 

 

 

Sales are down across the country by almost 15% compared to this time last year, demonstrating Auckland’s cooling property market is spreading.

Average prices are also starting to be affected by declining sales.

In Auckland prices are down compared to 12 months ago for the first time since sales started declining late last year.

The average house in Auckland now sells for $947,809, which is well below the $1m benchmark that was set in April, and down 0.6% compared to May 2016.

SOURCE: Harcourts

 

 

 

Greedy Wellington landlords are fuelling bidding wars among potential tenants by exploiting the capital’s desperate rental squeeze – and there’s nothing in the law stopping them.

Veteran student renter Ted Greensmith-West said although the practice was not widespread – and many landlords were good – rogues were becoming increasingly common, and often targeted first- and second-year tertiary students.

FAIRFAX NZ

Wellington Renters United spokeswoman Kayla Healey says bidding wars will only deepen the crisis.

 

 

Queenstown’s ”entry-level” subdivision has recorded its first million-dollar sale.

In what is believed to be a first for the suburb, an unfinished house in Shotover Country has sold for $1.02 million.

The three-bedroom house with a self-contained two-bedroom unit was snapped up only 10 days after being put on the market.

This Regent St house in Queenstown’s Shotover Country has sold for $1.02 million. Photo / Guy Williams

A shortage of homes for sale in Manawatu is helping to drive up property prices.

A lack of properties on the market is pushing prices in Manawatu and Whanganui higher and higher.

A compromise between warring parties means the controversial Three Kings housing development is now set to go ahead.

Auckland’s property market may have slowed but new Trade Me Property data reveals that units are bucking the trend.

Auckland’s housing market slowdown is spreading with the latest Real Estate Institute of New Zealand (REINZ) data showing flat prices and declining sales nationally.

 

Bindi Norwell, Chief Executive Officer at REINZ, says: “May housing activity clearly shows continued buoyant activity across a number of regions which contrasts with the continuing stability of the Auckland region. We saw record median prices achieved in 4 of the 14 regions we measure – Northland ($450,000), Manawatu/Wanganui ($269,000), Nelson/Marlborough ($483,250) and Southland ($238,000) – suggesting that the regions continue to hold up overall.

 

National median house prices increased 6.7% to $540,000 (up from $506,100) in the year to May 2017, according to the latest data from the Real Institute of New Zealand (REINZ) – source of the most complete and accurate real estate data in New Zealand. Seasonally adjusted, this increase is 6.2%.

 

 

Conditions are right for a property price drop, but so far values are holding stubbornly firm.

Usually, for prices to stall, you need a change in the supply and demand equation. That means fewer buyers or more properties to choose from, lessening competition.

The latest Real Estate Institute figures show that scenario is playing out, in Auckland in particular.

JOHN BISSET/FAIRFAX NZ

Real Estate Institute chief executive Bindi Norwell says house prices are surprisingly solid.

 

 

A couple have taken the property developing world by storm after falling in love with the trade while renovating their family home – and their passion is paying off as they now make profits of up to $235,000 by selling the houses they’ve spruced up.

When Tania and Russ Haigh transformed their home in Cromwell on New Zealand’s South Island nine years ago, they had ‘so much fun’ that they decided to keep working their magic on other properties.


Since 2008, Tania and Russ Haigh have been taking properties in very bad shape and developing them to an extremely high standard, wowing prospective buyers in the process

A brand new, three-bedroom North Shore house worth $840,000 will go under the hammer this weekend with a $1 reserve.

The Unsworth Heights home, designed by BKM Architects, had to be sold at the auction on Sunday, the Trade Me listing said.

This brand new North Shore townhouse is for sale with a $1 reserve.

This brand new North Shore townhouse is for sale with a $1 reserve.

Construction of a controversial $1.2 billion Auckland housing development will go ahead following more than five years of opposition.

Up to 1500 dwellings will be built at the former Three Kings Quarry between the suburbs of Mt Roskill and Royal Oak, after a compromise was reached between developer Fletcher Living and resident groups.

Community consultation on the $1.2 billion redevelopment began in 2008.

DANIELLE STREET/FAIRFAX NZ

Three Kings Quarry is the second largest brown field site in Auckland.

 

 

Tue, 13 Jun 2017 13:38:10 +1200 | Green Building Council

A four bedroom rammed earth house under construction in Beachlands, Auckland aims to show that it is possible for green homes to achieve top marks under three different rating systems in New Zealand: Homestar, Passivhaus and Living Building Challenge.More >>

 

A drawing of the upgraded Cambridge Pool plan.

Most people support boosting the budget for Cambridge pool.

A converted industrial site in Lower Hutt might be just the ticket for Lions fans needing accommodation around Wellington.

The former work site in Wainuiomata, owned by David Williams from Greenstone Concrete and Asphalt, features a big metal warehouse and three on-site portacom units complete with four toilets, three kitchens, two showers and enough mattresses to sleep a rugby team.

JARED NICOLL/ FAIRFAX NZ

Crash pad or party central: there’s plenty of seating, and a wood fire, in the former work site in Waiu St, Wainuiomata. The owners reckon it’s just what British and Irish Lions fans might want.

 

Auckland apartment sales have hit a new record high, according to a real estate agency specialising in the sector.

The City Sales quarterly reports that $10,000 was the new average price per square metre paid by buyers and that illustrated strong demand in the sector.

In 2005, Auckland average apartment prices were around $4000/sq m, climbing to $6000/sq m by late 2013, then around $8000/sq m in late 2015, the City Sales report showed.

A new report is out on Auckland apartment sales and rents. Photo / Chris Skelton

Wellington’s tight rental market has led to an array of suggestions on how to deal with bad landlord behaviour – but there are some things that landlords just can’t do.

 

A rental agent has refused to arrange a house viewing for a heavily pregnant woman and her partner because the landlord did not want children living there.

Hannah, who spoke on the condition of anonymity, emailed a rental agent about a Lower Hutt house advertised on Trade Me, explaining that she and her partner were expecting a baby next month and asking to organise a viewing.

The response she got back from rental agent Janine Tweedale shocked the 26-year-old.

“Sorry but the owner does not want children at the property,” Tweedale replied in an email.

A pregnant woman has been refused a rental viewing because the landlord did not want children living at the property. Photo/File

Targeted “value capture” rates look likely to be on the cards for Auckland property owners if the recommendations of the Mayoral Taskforce on Housing’s report are implemented.

Mon, 12 Jun 2017 13:12:25 +1200 | Marlborough District Council

The Ministry of Social Development has advised Marlborough District Council that the Ministry is considering the purchase of the Brydan Accommodation on Rose Street for emergency housing, and that obtaining resource consent from Council is an important …More >>

 

A dilapidated and earthquake-damaged house in the central Wellington suburb of Mt Cook at risk of collapse has prompted Wellington City Council to temporarily close a popular walkway.

The alleyway, next to the house at 82 Wallace St, connects Wallace St to Wright St and is used by pedestrians to get to a bus stop and dairy.

MONIQUE FORD/FAIRFAX NZ

The alleyway next to the house connects Wallace St to Wright St and is used by pedestrians to get to a bus stop and dairy.

 

 

This property cycle has been more confusing than past property cycles due to an unprecedented supply shortage.

So for this month’s NZ Property Investor magazine, we talked to a range of industry experts to find out where we are sitting on the property clock.

The property clock is a thing of beauty: it’s simple, elegant, and as predictable as your wristwatch.

 

 

Mon, 12 Jun 2017 11:19:56 +1200 | LoanPlan Mortgages and Finance

New Zealand’s changing social dynamic is reflected in the co-operative approach many families and first home buyers are taking when applying for mortgage finance, but the banks – caught between a rock and a hard place by many factors outside …More >>

A New Zealand couple went to extraordinary lengths to build their own tiny home from scratch – and it all began with a ‘rusty old boat trailer’ they’d been gifted.

Simon Fathers, 40, and his 29-year-old partner Ona Seney made the decision to craft their very own home – measuring just 7.2m long and 2.5m wide – after struggling to find a place to rent in their favourite location Raglan, on New Zealand’s North Island.

Their resulting 7.2m long and 2.5m wide home is transportable and sustainable with a composting toilet and solar power

 

 

In the modern metropolis that is Wellington, it can be easy to forget where the basic building blocks of our city come from.

Every time you drive on a road in Wellington, for example, the surface beneath your tyres has probably been made with rocks from the city’s last remaining quarry.

ROSS GIBLIN\FAIRFAX NZ

The main pit and operations area Kiwi Point quarry, Ngauranga Gorge.

 

More and more Kiwis are choosing apartment over houses. In this High Life series, Homed explores what that means for the way we live.

Buying an apartment is more complicated than purchasing a standalone house. Here are some questions to ask before you sign any agreement.

123RF

Make sure you know there aren’t any nasty surprises looming.

 

Agent who broke the law in buying a million-dollar home still made $300k selling the house on.

Increased housing stock breathes new life into Auckland property market

  • Total number of properties for sale up 50.8% –

An increase in the total number of residential properties available for purchase in Auckland is good news for home buyers.

Real time data from realestate.co.nz for the month of May, shows that the city’s total housing stock was up 50.8 per cent compared to the same time last year.

 

 

Fri, 9 Jun 2017 16:06:19 +1200 | BusinessDesk

June 9 (BusinessDesk) – Housing investors would be better off putting their money in commercial property stocks, which provide higher yield than the slowing residential market, a broker says. More >>

Fri, 9 Jun 2017 14:51:08 +1200 | First National

First National Real Estate Chief Executive, Bob Brereton, says further Reserve Bank controls on mortgage lending risk skewing the market in favour of large property investors.More >>

The $1.4 billion Waterview Tunnel will open in July in Auckland after a months-long delay.

The 2.4km-long, three-lane, twin-tube tunnel is part of the Waterview Connection project, touted by the Government as part of New Zealand’s biggest and most complex roading project.

It was due to be opened in April but that was held up when a fault was found with the tunnel’s jet fan and water extraction pump system.

DAVID WHITE/FAIRFAX NZ

The new tunnel and ring road.

 

 

They have ruffled feathers on the way to making an estimated $400m. Now Michael and John Chow are launching the first 5-star hotel in Rotorua. The publicity shy brothers talk to ­Corazon Miller.

In 1999 the Chow brothers found themselves asset-rich but pocket poor and laden with a hefty mortgage.

Chow brothers John, left,and Michael have an estimated value of 400m. Photo / Dean Purcell

 

A Nelson real estate agent who broke the law in buying a million-dollar home from a client has been censured and fined $10,000 for “seriously negligent” conduct.

However, the penalty may not leave much of a dent in his wallet as records show he made $300,000 on the property by selling it six months later.

Daniel Reed, a Bayleys Nelson agent, was found guilty of misconduct under the Real Estate Agents Act in February following a complaint by former clients Stan and Jenny Whitty.

Daniel Reed.

 

Yields in New Zealand’s commercial property sector remain some of the highest in the world – even though the sector is now stabilising.

A cash-strapped RSA is selling off valuable land to developers in hope of keeping the club’s doors open.

The Hibiscus Coast branch of the Returned Servicemen Association will use funds from the sale of the land to pay off debt, spruce up the clubrooms and attract new members to the struggling association.

The Hibiscus Coast RSA is selling the land adjacent to its club-rooms to pay off debt and spruce up its facilities. Photo / Bayleys

One of Martinborough’s most recognisable buildings is up for sale.

Located on the town’s main road, the building at 4 Kitchener St was a minor Masterton landmark before being shifted south on a truck in the late 1990s.

Built in 1903 and known colloquially as the Station Hotel, it was initially situated near the Masterton railway station in Perry St.

RADY BINGHAM

The former Coronation Coffee Palace makes its way from Masterton to Martinborough, with a short break due to a wayward flock of sheep.

 

 

 

We can expect Central Otago architecture award winners to include some stunners, but this year’s crop of new houses from the NZIA Southern Architecture Awards is truly breathtaking.

From a sawtooth house to a huge “dacha” with the most impressive views imaginable, these houses reflect a strong connection with the landscape.

SIMON DEVIT. Housing category winners in the NZIA Southern Architecture Awards include the Sawtooth house by Assembly Architects.

 

Two years ago I wrote that banks shouldn’t lend people more than three or four times their annual salary.

This was at a time when banks couldn’t give people money fast enough, knowing full well that house prices were rising so fast that even if a borrower defaulted the bank would be on a good bet if it forced a sale.

The Reserve Bank Financial Stability Report says the housing market is the number one risk factor in the economy. Photo / 123RF

A woman who organised a standover to get unpaid rent called police when it turned into a brutal attack.

Alisha Mcgee appeared in the New Plymouth District Court on Thursday and pleaded guilty to injuring with intent to injure following the incident on November 1.

ANDY JACKSON/Fairfax NZ

When police arrived at the scene of the attack, the victim had disappeared.

 

Around 11,000 people a year could be prevented from buying properties if the Reserve Bank was to deploy debt-to-income ratios (DTI), the Bank has estimated.

Thu, 8 Jun 2017 16:52:39 +1200 | New Zealand Property Institute

Property Institute of New Zealand Chief Executive, Ashley Church, has repeated an earlier warning that the introduction of ‘debt-to-income’ limits on mortgage lending would have the potential to do significant damage to the Auckland housing …More >>

Thu, 8 Jun 2017 14:38:19 +1200 | Property Council Of New Zealand

New Zealand’s commercial property sector continues its run as a strong performer globally, but it is experiencing a stabilisation in line with global trends according to the latest IPD results from MSCI.More >>

Thu, 8 Jun 2017 13:54:18 +1200 | New Zealand Government

The $7 million redevelopment of Jebson Place means warmer and safer houses for the Hamilton community, Social Housing Minister Amy Adams announced today. Work will begin later this year to build up to 71 brand new homes at the Jebson Place site …More >>

Inner-city Wellington

OPINION: Wellington City Council’s plan to turn inner-city buildings into social housing and affordable apartments is welcome.

The Reserve Bank wants to be able to stop people taking out mortgages that are too big compared to their annual incomes.

It wants debt-to-income restrictions (DTIs), which limit the amount that people can borrow to a multiple of their income, added to its macroprudential toolkit, alongside loan-to-value (LVR) restrictions.

The restrictions are used in other markets around the world, such as Britain, where borrowers must have a loan no bigger than 4.5 times their income.

NEVILLE MARRINER/FAIRFAX NZ

If used, the tool could stop 2000 owner-occupiers and 9000 investors a year from buying properties.

 

 

Mr Roberts, founder of the Salvation Army’s social policy unit, told Morning Report the comments were made during a phone conversation in which Mr English was asking him to be part of the Housing Shareholders Advisory Group.

The group was set up by the government in February 2010 to provide independent advice on effective delivery of state housing, with Mr Roberts as one of its members.

Bill English, inset, has said there is no housing crisis, despite increasing reports of people living in cars, garages and overcrowded housing. Photo: RNZ / Supplied

 

Selling a house or switching mortgages to another bank early could get unwary home-owners into significant financial peril.

In one case a man was asked to pay a total of $11,000 when he sold his house and paid off his mortgage earlier than expected.

As a result the Banking Ombudsman has issued a reminder to fully investigate the costs of terminating home loans early or changing banks.

Selling a house or switching mortgages to another bank can be costly. Photo: Stock

 

A Wellington property investor has offered to pay for the revaluation of Shelly Bay.

Richard Burrell believes the Wellington City Council land is worth $30 million and not $10m, which is what the council valuation puts it at.

The council is proposing to lease or sell its hectare of waterfront holdings to joint-venture company Shelly Bay Limited (SBL) for $7.8m and retain about $2m of that for public spaces, such as parks.

SUPPLIED

Property investor Richard Burrell’s subdivision concept for Wellington City Council’s land ​at ​Shelly Ba​y, which he says would bring in $30m for ratepayers.

 

Auckland Council needs to consider new ways of funding infrastructure development in order to better address the city’s housing supply shortage, a new report says.

Housing policy looks set to be a determining factor in September’s election, according to a new Property Institute commissioned poll.

 

Banks are cracking down on customers who accept cash incentives when they take out a home loan – then switch their business to another bank.

Most banks offer sweeteners of a few thousand dollars to people who take out new loans, as a way to encourage new business.

But customers are being warned it is not without strings.

Edge Mortgages founder Glen McLeod said it was fair for banks to ask for their sweeteners back if customers left

 

Developers are being asked to step up to help solve Wellington’s housing crisis by redeveloping inner-city buildings into social housing and affordable apartments.

Community housing providers are also being urged by Wellington City Council to convert existing under-utilised buildings.

BRUCE CLARKE/FAIRFAX NZ

Wellington City Council is asking developers and community housing providers to redevelop inner-city buildings into new social and affordable apartments, which it will lease.

 

She scrimped, saved and studied – and took a big step toward her dream home.

Kirstin Harvey decided to stop waiting for Mr Right to come along as a property partner and after upskilling on the DIY front she is now $82,000 richer as a result.

A life-long resident of Auckland’s North Shore, the her life plan had centred the kinds of things her friends were up to – marrying, buying a home and starting a family.

SUPPLIED

27 year old Kirstin Harvey is an inspiration, she “flipped” her first home all by herself.

Claims that the Wellington housing market is immune to a crash paint a less than accurate picture of that market, experts say.

Meth contamination claims continue to flood into New Zealand’s biggest insurer – despite growing awareness of the hysteria surrounding the issue.

Tue, 6 Jun 2017 13:54:32 +1200 | Real Estate Institute Of New Zealand

The Real Estate Institute of New Zealand (REINZ) has today announced the appointment of Dee Crooks as its new Communications/PR Manager. More >>

 

 

Aaron Watt was never going to be one of those people who sleepwalk through their mortgage, taking 25, or 30 years to pay it.

The Napier man bought his first house at the age of 21, and cleared the debt in eight years.

They were kinder times, when houses were cheaper, but Watt was driven by an intense feeling.

FAIRFAX NZ

Mortgage broker John Bolton says there are strategies behind some older people’s unpaid mortgages.

 

Flat New Zealand result but Australian operation awash with cash.

Thirty-four workers in “essential services” have won heavily discounted houses under a scheme aimed at helping them afford to live in Auckland.

The 34 teachers, nurses, police officers and residential construction workers have bought houses in Glen Innes at an “affordable” price of $650,000, even though their market value was between $750,000 and $940,000.

Brenton and Renee Moyes with daughter Harper are paying $650,000 for their Glen Innes house. Photo / Michael Craig

 

May 2017 residential sales report

06 June 2017 See sales volumes by focus area, average sale price by focus area, sales volume and average price by number of bedrooms, volume of sales by price range and median prices for May 2017.

More Info…

 

 

WARNING: Some readers may find this content distressing

A criminologist is questioning why a disgraced real estate agent who sexually harassed and bullied a female office colleague was granted permanent name suppression.

But the man’s offending, which included regularly unzipping his fly in front of the woman, using lewd jokes and offensive references to her breasts and genitals, is unlikely to have crossed the threshold for criminal charges.

The man’s offending included regularly unzipping his fly. Photo / 123rf.com

 

Rotorua has been labelled “the darling of the property market” after powering through a nationwide slowdown in house values.

Quotable Value’s quarterly report, released yesterday, shows Rotorua house values grew 4.4 per cent in the three months to April, outstripping Auckland (down 0.4 per cent), Tauranga (up 0.9 per cent) and Hamilton (up 1.4 per cent).

Rotorua has been one of the hottest property markets this year. Photo/File

 

The nation’s rental crisis appears to be deepening, with new figures revealing large reductions in available homes and significant rent increases in some areas.

Wellington was hit hardest. The number of rentals on the market plummeted 65 per cent while rent prices and viewings jumped 11 per cent, pushing average rents up to $450 a week in the capital, according to Trade Me’s year-on-year figures from April.

JOHN NICHOLSON

Year-on-year data shows Wellington has been hit hardest by the rental crisis, with proportionally the highest rent increases, the greatest reduction in housing stock available, and one of the highest growths in demand.

 

 

Auckland’s golden quartet of $2m suburbs has lost some of its shine after the majority dipped in value and one of its members fell below the exclusive threshold.

The waterside suburb of Stanley Pt dipped below the exclusive threshold, to $1.95m at the end of April, after having just made the cut in January.

Herne Bay remains the country’s priciest suburb despite a dip in prices. Photo: Supplied by Ollie Wall Real Estate

 

We often see experts touted to the media who claim they accurately predicted the 2008 financial crisis, or the dot.com bubble or some similar market meltdown.

Are we on the brink of a crash? I don’t think so. Photo / 123RF

 

A prime piece of cliff-top land with sweeping views over the Hauraki Gulf will soon be home to what could be New Zealand’s most expensive apartments – and a prestigious new home.

Property under construction on Selwyn Ave, Mission Bay. Photo / Dean Purcell

 

The battle for historic Vogel House has ended with both contenders being spurned.

Two charities and the Vogel descendents were competing to inherit the $5 million Lower Hutt stately home, which once housed Sir Robert Muldoon.

However, both have lost, with a decision this week to sell the house and give the proceeds instead to the Crown’s consolidated fund.

Both parties were upset at the decision, which they said could never have been the intention of Jocelyn Vogel, who gifted the home to the Crown in 1965.

READ MORE:
Where there’s a will, there’s a way to challenge it
The history of one of Wellington’s finest homes
Crown grants Vogel descendants a second rehearing on Vogel House
Man takes court action after mother’s partner leaves him out of will

FAIRFAX NZ

The decision to sell Vogel House and give the proceeds to the Crown has angered its former owner’s grandsons and preferred charities.

 

Owning your own home may be the Kiwi dream but some North Shore homeowners are “drowning in debt” without hope of being mortgage-free.

New data from credit information website CreditSimple.co.nz showed North Shore homeowners under 55 had an average debt of $542,600: the highest debt in the country.

The information also showed Shore homeowners over 55 still owed an average $381,500. This was the second-highest debt in the country, just behind central Auckland’s older homeowners with an average mortgage of $393,200.

Brian Pethybridge, the manager of North Shore Budget Service, was not surprised by the figures.

READ MORE:
‘Don’t panic’ as house prices fall on Auckland’s North Shore
PM says demand strong in Auckland’s North Shore, despite property dip
Auckland’s North Shore sizzling hot for real estate prices
The baby or the house: Auckland house prices force couples to choose

CHRIS SKELTON/FAIRFAX NZ

Some North Shore homeowners are struggling to pay off their mortgages, resorting to interest-only payments, according to budget advisor Brian Pethybridge.

 

New Zealand’s biggest housing development at Hobsonville Point has marked its 1000th new home, Social Housing and Housing New Zealand Minister Amy Adams announced today. More >>

 

The Reserve Bank stress-tested the ability of borrowers to cope with mortgage rates at 7 percent, which is close to the average two-year mortgage rate over the past decade.

It found 4 percent of all borrowers, and 5 percent of recent ones, would be put under severe stress where they could not meet day-to-day bills for food and power.

Auckland borrowers appear particularly vulnerable to higher rates, with 5 percent estimated to face severe stress.

Photo: 123RF

 

The lower price point and solid yields in Lower Hutt make it an attractive proposition for out-of-town investors, reports Jenny Keown.

Land Information New Zealand’s latest property data report shows consistent levels of property transfers involving overseas tax residents, as well as new data on the citizenship and residency status of buyers and sellers.

 

If you can’t afford your very own island, don’t despair, you could buy your own street.

Four of the six houses in a Porirua cul-de-sac are up for sale, making it a perfect buy for budding drummers or people who dislike nosey neighbours.

SUPPLIED

Four of the six homes in Devon Pl, Porirua, are on the market.

 

 

Any doubt that New Zealand’s housing market is taking the pace down a notch is dispelled by May’s QV data which shows annual value growth dropping significantly.

It’s no longer just Auckland which is seeing an increase in the number of properties coming on to the market, new realestate.co.nz data reveals.

New Zealand property values increased at the slowest pace in two years in May, with the steam starting to come out of Auckland’s heated housing market, according to state-owned valuer Quotable Value.

 

The housing market is cooling nationwide as growth for the year to May dips below 10 per cent for the first time since 2015, according to statistics from Quotable Value.

The data shows values in Auckland’s affluent eastern suburbs have declined in the past three months.

 

 

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